UraMin and Northwestern to form Joint Venture Company combining license areas and expertise in the Republic of Niger



    /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
    U.S. NEWSWIRE SERVICES/

    TORONTO, June 4 /CNW/ - The Board of Directors of UraMin Inc. ("UMN" TSX
and AIM) and Northwestern Mineral Ventures Inc. ("NWT" TSX-V, "NWTMF" OTCBB)
are pleased to announce that they have agreed to form a joint venture company
that will advance a total of eight highly prospective uranium concessions in
Niger. The agreement provides that UraMin and Northwestern will each acquire a
50% equity stake in the new company. Northwestern's properties, the Irhazer
and In Gall concessions, will become two of eight properties in the new
company's uranium portfolio. UraMin will contribute six uranium properties,
Kamas 1 to 4, and Dabala 3 and 4, which are located in the same geographic
area as Niger's two producing Areva mines. UraMin will also make a
US$15,000,000 contribution to the company from which Northwestern will receive
a cash payment of C$4,800,000. Each company will receive a 3% net smelter
royalty on the production of uranium and any other ores and/or minerals
produced from their contributing licenses. The formation of the joint venture
company is subject to certain consents being received in the Republic of
Niger.
    Stephen Dattels, Deputy Chairman of UraMin said:

    "By combining our resources in Niger we not only bring together the
highly prospective license areas of both companies but we also marry
Northwestern's established exploration team in Niger with UraMin's
international mining team. This is a very exciting combination within a mature
uranium mining environment and we look forward to a proceeding with a major
exploration programme in Niger at a pace that would otherwise not have been
possible."

    Marek J. Kreczmer, Northwestern's President and Chief Executive Officer,
will lead the new company and has been appointed Managing Director and Chief
Executive Officer. Mr. Kreczmer will also serve as a member of the Board of
Directors. UraMin's Chief Executive Officer, Ian Stalker, an international
mining executive with over 30 years of mining experience in Europe, Africa and
Australia, has been appointed Executive Deputy Chairman and President of the
new company, while Neil Herbert, UraMin's Finance Director, has been named
Chief Financial Officer. In addition, both Mr. Stalker and Mr. Herbert have
been appointed to the Board of Directors. Northwestern will nominate one
additional director as well as a non-executive Chairman, to bring the total
number of Board members to five.

    Marek Kreczmer, President and CEO of Northwestern said:

    "This is an exciting development for both companies and for Niger. The
combined entity will have considerable financial and technical resources at
its disposal and the result will be a major fast-track exploration programme
on some of the most prospective exploration properties in Niger, which is
already one of the world's largest uranium producing nations. Initial results
from Northwestern's exploration programme combined with previous exploration
results have enabled the delineation of high-priority areas and we will begin
our drill programme shortly. We look forward to a significant period of growth
in our operating activities."

    Highly Prospective Uranium Property Portfolio

    The joint venture company boasts eight uranium properties -- known as
Irhazer, In Gall, Kamas 1 to 4, and Dabala 3 and 4 -- covering a total of
1,673,644 acres (6,773 square kilometers) all located in the Tim Mersoi basin.
    Irhazer and In Gall have returned uranium values ranging from 0.22% U3O8
to 1.0% U3O8 from five of 16 surface rock samples collected from outcrops, as
reported in a press release issued by Northwestern on May 29, 2007. Producing
mines and deposits in Niger typically grade from 0.1% to 0.42% U(3)O8, with
the highest grades being mined at greater depths.
    All of the eight concessions in Niger are located along the edge of the
Air Massif and in close proximity to SOMAIR's successful Arlit mine. The Arlit
flexure/fault and related structures lie just inside and along the joint
venture's concessions. Its influence dominates the sedimentology and
paleogeography, and consequently also the distribution of uraniferous
mineralisation.
    The Tim Mersoi basin is a world class uranium province wherein the
deposits, hosted by sandstones, occur as tabular stratabound, roll front and
tectonic-lithologic deposits, which formed under reducing conditions and
consist of pitchblende and coffinite (Akouta, Arlit, Afasto, Madaouela)
associated with Carboniferous terrains or oxidized (Imouraren) within Jurassic
age formations.
    Niger has been mining uranium since 1971 and past production from its two
operating mines exceeds 100,000 tonnes of uranium (approximately 2,600,000 lbs
of U(3)O8) to the end of 2006. With an output of over 3,434 tU in 2005, Niger
was the world's 3rd to 6th largest uranium producer contributing 7.5% of the
total world production.

    Background on UraMin Inc

    UraMin (www.uramin.com) was established in 2005 to acquire and develop
mineral properties, predominantly uranium. UraMin is focused on advancing its
100%-owned Trekkopje uranium project in Namibia to the completed Definitive
Feasibility Study ("feasibility study") stage. A trial mine is planned for the
fourth quarter of 2007 and commercial production is planned for late 2008. The
Company is also has a feasibility study underway at its 90% owned Bakouma
uranium project in the Central African Republic and on its 74%-owned Ryst Kuil
uranium project in South Africa. SRK is the lead consultant for the Ryst Kuil
Project.
    UraMin intends to bring these near surface open pitable projects, into
production, utilizing efficient mining and processing methods currently in
practice worldwide in similar deposits in a cost effective manner.
    UraMin also has a number of exploration projects in both Africa (Chad,
Niger, Senegal and Mozambique) and joint venture projects in Canada (the Rea
Project within the Athabasca Basin in Alberta and the Labrador Project in
Quebec) on which it is advancing exploration programmes that could provide a
pipeline of potentially economic uranium projects for the future.

    Background on Northwestern Mineral Ventures Inc

    Northwestern Mineral Ventures (www.northwestmineral.com) is an
international resource exploration company with an experienced management
team. The company is focused on properties in Niger and Canada with potential
uranium targets. Northwestern also has a precious and base metal property in
Mexico. Northwestern is listed on the NASD Bulletin Board under the symbol
"NWTMF" and the TSX Venture Exchange under the symbol "NWT."

    Mr. G M Greenway, Pr.Sci.Nat (SACNASP), MSAIMM, MGSSA, is the qualified
person responsible for the current exploration program in Niger and has
verified the data reported above. Mr. Greenway is a consultant to UraMin, and
has sufficient experience relevant to the style of mineralisation and type of
deposits under consideration and to the activity which he is undertaking, to
qualify as a Qualified Person for the purposes of the geological section in
this report. Mr. Greenway has no interest in the company and has consented to
the inclusion in this report of his name in the form and context in which it
appears.

    GLOSSARY

    
    -------------------------------------------------------------------------
    Definitive    a comprehensive study of a deposit in which all geological,
    Feasibility   engineering, operating, economic and other relevant factors
    study         are considered in sufficient detail for it to reasonably
                  serve as the basis for a final decision by a financial
                  institution to finance the development of the deposit for
                  mineral production
    -------------------------------------------------------------------------
    Lb            Pound
    -------------------------------------------------------------------------
    U(3)O(8)      Triuranium octaoxide
    -------------------------------------------------------------------------
    Uranium       heavy silvery-white metallic element found in several
                  minerals, notably uraninite and carnotite
    -------------------------------------------------------------------------
    U(3)O(8)ppm   Triuranium octaoxide grades in parts per million generated
                  as a result of the conversion of down hole gamma
                  radiometric probe data to equivalent uranium oxide using
                  probe calibration on known uranium sources and Industry
                  Standard QA/QC procedures.
    -------------------------------------------------------------------------
    RC            Reverse Circulation
    -------------------------------------------------------------------------
    tU            Tonnes uranium
    -------------------------------------------------------------------------
    NI 43-101     National Instrument 43-101 - Standards of Disclosure for
                  Mineral Projects, Form 43-101F1 and Companion Policy
                  43-101CP as used by Canadian regulatory authorities
    -------------------------------------------------------------------------
    

    Forward-Looking Statements:

    This press release contains statements that are "forward-looking".
Generally, the words "expect," "intend," "estimate," "will" and similar
expressions identify forward-looking statements. By their very nature,
forward-looking statements are subject to known and unknown risks and
uncertainties that may cause our actual results, performance or achievements,
or that of our industry, to differ materially from those expressed or implied
in any of our forward-looking statements. Statements in this press release
regarding the Company's business or proposed business, which are not
historical facts, are "forward looking" statements that involve risks and
uncertainties, such as estimates and statements that describe the Company's
future plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such
statements.
    Investors are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date they are made.





For further information:

For further information: UraMin Inc, Ian Stalker, Chief Executive
Officer, Neil Herbert, Finance Director, Tel: +27 11 783 5056; Nominated
Advisor, Canaccord Adams Limited, Robin Birchall, Tyler Broda, Tel: +44 20
7050 6500; Toronto, Steve Vaughan, Tel: (416) 643-6924; Northwestern Mineral
Ventures Inc, Marek J. Kreczmer, M.Sc., P.Eng., President and CEO, (866)
437-9551, info@northwestmineral.com

Organization Profile

URAMIN INC.

More on this organization

NWT Uranium Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890